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Anti-Russia Sanctions Proved Ineffective, Should Be Reviewed

Hungarian Minister of Foreign Affairs and Trade said that sanctions imposed on Russia by the European Union are ineffective, the bloc should begin an open discussion on their future.

Sanctions imposed on Russia by the European Union are ineffective, the bloc should begin an open discussion on their future, Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said Thursday.

"We think that the sanctions [imposed by the EU on Russia] proved to be ineffective both politically and economically. It is time to organize an open, honest and pragmatic discussion on sanctions," Szijjarto told reporters.

The minister added that the sanctions failed to facilitate the implementation of the Minsk agreements but managed to harm the European economy.

In January, Szijjarto said that Hungarian export has lost $6.5 billion during three years since introduction of the anti-Russian sanctions.

The EU-Russian relations deteriorated following disagreements over the crisis in Ukraine. The European Union, alongside the United States, imposed sanctions against Russia after a referendum in Crimea in 2014, in which a vast majority of its inhabitants decided to reunite with Russia. Western states have also accused Moscow of meddling in Ukraine’s internal crisis, while the Moscow has repeatedly denied the allegations.